Shiba Inu ranks higher than XRP and Cardano among the most well-known cryptocurrencies in Australia
According to a recent survey published by Saxo Markets, Shiba Inu is more popular with Australians than XRP and Cardano.
Five percent of Aussies know about the meme coin, while 3% and 2% of them have heard about the other two cryptocurrencies, respectively.
Unsurprisingly, Bitcoin tops the list, with 38% of survey respondents recognizing the king of crypto. Ethereum, Binance Coin and Dogecoin also feature in the top five, ahead of Shiba Inu.
Only a minuscule 1% of Aussies have a handle on what Avalanche actually is.
Notably, Shiba Inu is much more recognizable among millennials than baby boomers (7% and 1%, respectively).
The canine token stole the spotlight earlier this year because of its remarkable price performance that blew all other cryptocurrencies out of the water.
The coin craze is of course not limited to Australia. In May, Harris Poll’s survey found Dogecoin to be more popular than Ethereum with U.S. investors.
Crypto as legal tender
Only 11% of Aussies say that they “fully” understand what cryptocurrency is. However, an impressive 42% of respondents claim that they would use cryptocurrencies if they were to become legal tender in the country. The majority of them would either use crypto for savings or make purchases with it (34% and 23%, respectively).
Twenty-five percent of Australians agree that crypto should be recognized as the official currency in the country.
El Salvador made a trailblazing move by making Bitcoin a legal tender this year, but others are yet to follow.
As reported by U.Today, Treasurer Josh Frydenberg has announced a plan to overhaul the existing payments system in Australia so as not to fall behind in Silicon Valley. The Australian government will assess the creation of a central bank digital currency while working on a regulatory framework for cryptocurrencies.
